Damac & Paramount plan second Middle East hotel
Firms joined forces to bring a $1bn hotel & apartment complex to Dubai
Dubai property developer Damac Properties and legendary production company Paramount are planning to open a second five-star hotel using the famous movie-maker’s branding, Construction Week can reveal.
The companies announced two weeks ago they had joined forces to bring a $1bn hotel and apartment complex to Dubai, consisting of four 250-metre tall towers linked by a platform offering entertainment, retail, restaurants and a luxury, intimate cinema.
Damac managing director Ziad El Chaar told Construction Week the developer was already negotiating to build a second such hotel in the Middle East.
While he would not reveal the exact location, El Chaar said it would be in a market where Damac already existed, such as Abu Dhabi, Doha, Riyadh and Jeddah. The companies were in early talks, he said.
Paramount Hotels and Resorts, which manages the 101-year-old film and television production company’s hospitality interests, also revealed it was looking to build similar hotels in Qatar and Doha, as well as in Brazil, the Caribbean and Indonesia.
The Dubai development, to be called Damac Towers by Paramount, could be Paramount’s first worldwide, with another in China due to completed about the same time (the end of 2015).
Three of the four towers will house a total of 1400 Damac Maison-Paramount serviced hotel residences, which go on sale March 26. Owners will have the option to occupy the residences or put them into a pool to be booked by guests.
The fourth tower will be Paramount Hotel and Residences, including a mix of typical hotel rooms and self-service style apartments.
The development is being built near the world’s tallest tower, the Burj Khalifa, and Dubai Mall.
Paramount Hotels and Resorts CEO Thomas van Vliet said joining forces with Damac made more commercial sense than the production company working alone.
“It creates more value and people also like it and associate with them [both],” he said.
Damac also recently announced it was partnering with high-end fashion label Fendi to design the interior of a development in both Dubai and Riyadh.